President Felipe Calderon holds up a vial of crude oil at a news event this morning that he said was extracted from an ultra deepwater well in the Gulf of Mexico. Nearly giddy at being able to offer up some good news, Calderon said Mexico had finally made a significant discovery, tapping into "treasure" deep under the Gulf of Mexico. The Bicentenario deepwater rig hit a big field of crude oil at the Trion I well in roughly 8,200 feet of water, he said. This could indeed be great news for Pemex and Mexicans, but foreign reporters took a cautious approach, perhaps because Calderon is in his final months or perhaps because there was little supporting information from Pemex. Here's the Financial Times report and here's a Reuters story. Click here for the news release from Calderon's office (in English). Going out into deep water of the Gulf of Mexico was a risky proposition for Pemex. I wrote here about what was at stake a few months ago.